Kraken Review

San Francisco-based Kraken has been ranked as the largest bitcoin trading platform , based on its euro volume and liquidity. It also allows for the trading of Canadian dollars and British pounds.

Kraken landed in the international scene in 2011, and was the first Bitcoin exchange to have trading price and volume displayed in the Bloomberg Terminal. Kraken was also recognized for being the first Bitcoin exchange to be subject to a cryptographically verified proof-of-reserves audit. Kraken is also the trustee of the Tokyo government and Germany’s BaFin-regulated Fidor Bank.

Accolades aside however, Kraken is yet another one of the many exchanges that users can buy and sell Bitcoin.

How good is Kraken?

The following review will bring you up-to-speed.

Popular Opinion

Kraken’s public opinion poll has mixed results.

The good: Positive reviews of Kraken largely credit the exchange with being able to trade and have a smooth experience. The software for trading is not the best, but most positive reviews do note this. Kraken’s international accessibility makes it a top choice for many international users.

The bad: A quick Google search reveals a slew of vehemently negative reviews about the exchange and Kraken’s customer service. Remember that negative reviews often come from customers who have had an unpleasant experience and decided to vent on the internet. These reviews might not be true representations of the platform, but there are still positive experiences. Kraken’s negative reviews primarily point out the inability to provide customer service, which makes it frustrating. Some users also report slow withdrawals and limited access to funds.

Kraken Review: Key Information

Kraken Overview

Owned by Payward, Inc. and having received millions from investors, Kraken is one of the largest cryptocurrency exchanges.

Kraken has a fairly large variety of cryptocurrencies (more so than Coinbase), and makes it easy for international traders.

To get started, you will need to be verified by Kraken. Users are divided into tiers that specify how much they can deposit each day. Each tier has its own set of requirements.

A point of interest is that the Kraken portfolio provides you with either a USD, EUR, etc amount that your portfolio is worth.

Ordering on Kraken is relatively simple using their basic interface, but their trading tools provide a more robust functionality should you choose to use them. Limit orders and market orders can be placed. Limit orders typically come with a 0. 16% fee, and market orders come with a 0. 26% fee. Fees vary depending on how many trades are made. The fees for the main trading pairs are typically between.1% to.2%. 35%, and for other less common crypto pairs the range can be anywhere between . 05% and .75%. Liquidity traders get 0% fees

Additionally, you can trade do margin trading but this is an incredibly risk way of going about it and not recommended unless you really (REALLY) know what you’re doing.

Kraken has plenty of fiat and cryptocurrency pairs. Instead of buying BTC and then going to a secondary exchange to purchase a specific alt-coin, people can directly buy cryptos using USD and EUR. This is one advantage Kraken has over Coinbase or other exchanges that limit you to a few cryptocurrencies and fiat/crypto pairings.

Withdrawals are relatively straightforward on the platform. You can withdraw money directly to your bank account by simply going to the withdrawal section. SEPA is also available for Euro withdrawals if you have a European bank account. This costs only 9 cents.

The withdrawal and deposit fees vary depending on the method but generally hover around 0. 19% with a $20 minimum. For Japanese Yen, however, there is a minimum deposit of 5000 Yen with no transaction fee for deposit, but it takes 20 Yen to withdraw.

Security: Kraken allows you to set up 2 Factor Authentication (2-FA), but you must go to the Security tab to do so. You can’t be too secure, so if Kraken is used, make sure you enable 2-FA.

Kraken Review Summary

Kraken has been in the cryptocurrency exchange world since 2011, a year before its more popular (in the United States) competitor Coinbase. Kraken is a well-respected cryptocurrency exchange that has been around for a long time and is a popular choice among many international traders.

While many online reviews highlight the problems and kinks that the Kraken team must work out (mainly the lack of customer service), Kraken is still a valuable asset to traders in the United States and around the world.

It’s a secure platform that has played a significant role in the development of cryptocurrency. Kraken offers lower fees than Coinbase and allows you to access a more robust trading platform within Kraken. You will need to have a basic understanding of how to trade cryptocurrency, but you should watch some guides to ensure that you know how to do it correctly.